Fitch Affirms Brookfield's Special Servicer Rating at 'CLLSS2-'

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the commercial mortgage-backed securities (CMBS) loan level special servicer rating of Brookfield Real Estate Financial Partners LLC (BREF) at 'CLLSS2-'.

The rating reflects BREF's strong commercial real estate experience, particularly in working with large trophy assets. In addition, the rating reflects the experienced and tenured staff, detailed and thorough policies and procedures, and investment grade financial support of its parent, Brookfield Asset Management. While the company maintains less structured internal audit and compliance controls, relative to more highly rated Fitch servicers, robust quarterly review of all assets by senior management provides sufficient controls given the size its portfolio.

BREF gains special servicing assignments exclusively through investments in controlling interest positions of commercial mortgage loans or senior mezzanine loans. While the company was not named special servicer for any CMBS loans or securitizations as of Dec. 31, 2015, it is named special servicer (the most subordinate lender/controlling representative) for 24 debt or equity positions totaling $3.6 billion, inclusive of a $2.6 billion real estate owned (REO) portfolio secured by two large hotel casino assets. In 2015, BREF sold four non-CMBS REO multifamily assets from its portfolio achieving 100% recovery.

BREF is a commercial finance fund manager responsible for the management of subordinate debt funds for large institutional and sovereign entity investors. BREF is wholly owned by Brookfield Asset Management, Inc., an asset manager focused on property, power and infrastructure with approximately $226 billion of assets under management as of December 2015.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Rating Criteria for Structured Finance Servicers (pub. 23 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864375

Rating Criteria for U.S. Commercial Mortgage Servicers (pub. 14 Feb 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=735382

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=999642

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160218006016/en/

Fitch Ratings
Primary Analyst
Adam Fox
Senior Director
+1-212-908-0869
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Christopher Bushart
Senior Director
+1-212-908-0606
or
Committee Chairperson
Daniel Chambers
Managing Director
+1-212-908-0782
or
Media Relations:
Hannah James, +1 646-582-4947
[email protected]

Source: Fitch Ratings

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